On 3 March 2016 the Financial Conduct Authority (FCA) announced investigations into six firms as a result of its thematic review into the fair treatment of longstanding customers.
The FCA has today announced that the investigation into Scottish Widows has concluded and there is insufficient basis for taking any enforcement action. The FCA will be raising a number of issues uncovered as part of the investigation with the firm in its supervisory engagement.
The investigations into Prudential, Countrywide Assured, Old Mutual and Abbey Life are continuing and no decisions regarding these firms have been reached by the FCA at this stage. No inferences should be drawn from the closure of the Scottish Widows case concerning the continuing investigations. The FCA will update the market when decisions are made regarding the status of the remaining investigations.
Notes to editors
- On 7 September 2017 the FCA announced it had closed its investigation into Police Mutual with no further action.